Mr Burrows, when interviewed by the FCA, admitted evading his fare on multiple occasions despite knowing he was breaking the law. “The FCA does not consider that this is fit and proper behaviour for an approved person,” the watchdog said.

Tracey McDermott, the FCA’s head of enforcement, said Mr Burrows had fallen short of what is expected from senior members of the financial services world.

Jonathan Burrows cheated Southeastern out of £43,000

“Burrows held a senior position within the financial services industry. His conduct fell short of the standards we expect,” she said.

“Approved persons must act with honesty and integrity at all times and, where they do not, we will take action.”

In a statement following the announcement, Mr Burrows repeated apologies for his actions.

"I have always recognised that what I did was foolish. I have apologised to all concerned and reiterate that apology publicly today," he said.

"While I respect the FCA’s decision today, I also regret it, coming as it did after a 20 year career in the City that was without blemish.

"I recognise that the FCA has on its plate more profound wrong-doing than mine in the financial services sector, and I am sorry that my case has taken up its time at this critical juncture for the future of the City and its reputation."

Update: Since this article was first published Jonathan Burrows’ solicitors have told us that while £43,000 was paid to Southeastern trains to settle his case out of court and avoid prosecution, his fare evasion occurred over a much shorter period than five years and the unpaid fares amounted to hundreds rather than thousands of pounds.